Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Ashtead full year profits upgraded
Plant hire specialists Ashtead LON:AHT have issued half year results this morning, which continue to impress. Revenues are up by 28%, operating profits by 30% and earnings per share by 43% the outperformance is being seen across all territories, although there is a bit of margin squeeze – but with this figure running as high as 50% in the US market, investors may be willing to overlook this. The interim dividend is rising 20% and full year results are tipped to come in ahead of previous expectations.
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#2. Marston’s full year revenues up almost 100%
PubCo Marston’s LON:MARS has issued full year results for the year to October 1st today. The company continues to benefit from the post-COVID recovery and despite interruptions to Christmas trading a year ago, revenues are up by almost 100%, reaching £799.6m, with a £27.7m profit being posted. Over the last 10 weeks of the reporting period, sales were up 3% from 2019 and the company is targeting £1bn turnover by 2026. Management are optimistic that changes already made will continue help tackle inflationary pressures.
#3. SSP sales continue to grow as passenger numbers rise
SSP [LON:SSP], the company who run many franchised catering outlets at transport hubs, have published full year results today. Headline revenue upticks are impressive and management note that momentum continues to build here although for the reporting period sales are still less than 80% of pre-COVID levels. The company also notes that retention and new sales rates remain upbeat, with continued growth in underlying passenger numbers set to lend further support over the next couple of years. Add to that the solid cash generation levels which are being reported and the company appears to be in good health.
